For all the new business owners or entrepreneurs do you know when should you start to register the statutory account?
❌ Do not register before you have your 1st employee.
➡️ My new employee join next month, so I register this month first
➡️ Once you register, EPF will expect you to contribute on that month itself
❌ Register only after your new employee started work a few months ago
➡️ You will get a penalty for registering late.
➡️ The account will only be allowed to open when you have cleared off all the previous month’s contribution + penalty
When is the best time?
✅ You register when your 1st employee joins month. If you know etc employee joining in Jan then you register the account in Jan.
Not too early and not too late. Right on that month.
Hope this helps.
Let me know if you need us to help register for you and payroll services.
Save your time and we make sure you are on the right start. 🚀